CLU HS 323 Chp. 1 Quiz | Questions with 100% Correct Answers | Latest Update | Verified
Life Insurance is primarily concerned with which of the following aspects of the human life value? (A) The religious value (B) The social value (C) The economic value (D) The moral Value - (C) The economic value A Human Life may have an economic value that can logically serve as the basis for life insurance in which of the following situations? I - The individual is age 23 and unmarried and has no children II- The individual has only one dependent, an aged father III - The individual has no dependents but makes sizable periodic gifts to a favorite charity (A) II Only (B) I & III only (C) II and III only (D) I, II, III - (D) I, II, III Which of the following is an element of the technically accurate method of calculating the economic value of an individual's human life? (A) Deduct the cost of the individual's self-maintenance, life insurance premiums, and personal income taxes.(B) Discount for the contingency of the individual's death, but not for the contingencies of his or her disability or unemployment. (C) Reduce the residual income of the individual to its future value. (D) Calculate the size of a fund whose investment earnings will be sufficient to replace the dependents' share of the individual's income. - (A) Deduct the cost of the individual's self-maintenance, life insurance premiums, and personal income taxes
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